Leonardo Art Holdings Initiates Squeeze-Out of Artnet AG Minority Shareholders

Leonardo Art Holdings GmbH has taken a decisive step towards consolidating its control over artnet AG by initiating a squeeze-out of its minority shareholders under the German Stock Corporation Act. Following a takeover and share purchase agreements, Leonardo Art Holdings now controls over 97.33% of artnet AG's shares, surpassing the 95% threshold required for such an action.

The company has requested artnet AG's management to propose a resolution for the transfer of shares held by remaining minority shareholders in exchange for appropriate cash compensation. The amount will be determined after further valuation and subsequently reviewed by an independent auditor appointed by the Berlin Regional Court.

The transfer of shares is to be formalized at a shareholders' meeting, with the squeeze-out becoming effective once the resolution is registered with the commercial register. The final details and date for the shareholders' meeting will follow statutory guidelines.